Saginaw Incorporated completed its first year of operations with a pretax loss of $$627,500.$ The tax return showed a net operating loss of $$756,500,$ which the company will carry forward. The $$129,000$ book$-$tax difference results from an increase in taxable temporary differences $($i$.$e$.,$ excess tax depreciation over book depreciation$).$ Management has determined that it should record a valuation allowance equal to the net deferred tax asset. Assume the current tax expense is zero.

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

Required:

a$.$ Prepare the journal entry to record the deferred tax consequences for recognition of the current year NOL before considering the valuation allowance.

b$.$ Prepare the journal entry to record the deferred tax consequences of the depreciation book$-$tax difference.

c$.$ Prepare the journal entry to record the deferred tax consequences of the valuation allowance.